Dubai’s property sales are expected to exceed $108 billion in 2023

Dubai’s property sales are expected to exceed $108 billion in 2023


A recent analysis indicates that Dubai is anticipated to end the year with a record-breaking AED 400 billion ($108.9 billion) in property sales.

The value of real estate sales since January 2023 has topped AED393 billion, and several billion dirhams more are predicted to rise in the next few days, setting a new record for the year 2023, according to Dubai-based real estate brokerage firm W Capital. On Tuesday, this information was made public.

“There were more than 127,000 deals (already recorded since January), and with a week before the end of the year, it is expected to exceed AED400 billion,” said Walid Al Zarooni, CEO of W Capital, citing data from the Dubai Land Department (DLD).

A DLD review of daily transactions shows that the value of properties sold in Dubai has been above AED1 billion every day, sometimes surpassing AED3 billion or AED4 billion on some of the busiest days.

According to Property Finder, the real estate market saw over 12,000 sales transactions last month, with a combined value of AED 42.41 billion. Townhouses and villas accounted for the remaining 18.8% of the deals, with apartments accounting for over 80% of the deals.

Dubai has attracted a sizable number of domestic and international buyers, including those who have a preference for prime real estate.

Out of all the major markets that Knight Frank monitors, Dubai’s real estate market is expected to have the highest annual prime price growth this year, at 14%.

It was reported that residents and foreign buyers have been focusing on Dubai’s most affluent neighborhoods in addition to waterfront properties, which are currently in demand. Inland villas in green settings provide luxurious living.

“Despite ongoing global uncertainties with regard to inflation, interest rates, climate issues, conflicts and technological advancements, the Dubai property market is poised for a robust end to 2023,” Asteco also said in a separate report.

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